Know More About “Metals In Electric Vehicle Charging Infrastructure Market 2022-2030” Growth Worldwide
Posted by Mrudula Anil Karmarkar on July 27th, 2022
The global metals in electric vehicle charging infrastructure market size is expected to reach USD 12.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 28.2% from 2022 to 2030. The surging demand for Electric Vehicles (EVs) across the world has augmented the need for charging infrastructure, which is expected to propel the consumption of metals over the forecast period. According to the International Energy Agency (IEA), consumer expenditure on EVs exceeded USD 120 billion in 2020. Moreover, various initiatives by governments around the world aimed at the mitigation of carbon emissions have led to the increase in the production of EVs.
For instance, according to IEA, in 2020 more than 20 governments had declared bans on conventional automobiles or mandated to sell only zero-emission vehicles over the near future. Increasing emphasis on the adoption of EVs is influencing the installation of commercial charging stations. Also, initiatives by various automotive manufacturing giants for developing EV charging infrastructure network is being witnessed. For instance, companies like Tesla and Nissan are increasing their R&D activities for the development of fast-charging networks. This, in turn, is anticipated to boost demand for metals over the forecast period.
Based on metals, others segment including silver and other alloys accounted for the largest revenue share in 2021. Silver is mostly used in the production process of EVs and chargers. With the growing demand for EVs, the need for silver has increased thereby leading to segment growth. Region-wise, Asia Pacific accounted for the largest share, in terms of revenue, in 2021. Policies such as gradual phase-out, high emission requirements, increased fuel economy standards, and distribution of a number of direct subsidies have been among the important factors contributing to the surge in the sales of EVs in the region. This is anticipated to invite investments in charging infrastructure, thereby, propelling demand for metals.
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An increase in the global demand for Electric Vehicles (EVs) and favorable government policies for developing EV charging infrastructure are driving the market. The requirement for charging stations is rising in order to normalize the utilization of EVs as any other fuel-driven vehicle. This in turn has augmented investments as the EV drivers should be safeguarded that charging stations are in close proximities. This in turn is expected to augment the consumption of metals that are crucial raw materials in the charging infrastructure for EVs.
Metals In Electric Vehicle Charging Infrastructure Market Report Highlights
The market is competitive in nature owing to the presence of numerous players. Key global players include Rio Tinto, Alcoa Corporation, Glencore, RusAL, and Codelco. These players concentrate on several factors including regional expansion, research, and new product development to stay ahead of their competitors.
The U.S. is among the leading consumers of the market for metals in electric vehicle charging infrastructure. The market growth is mainly attributable to the increase in the production of EVs in the country. In 2021, the U.S. President introduced a USD 2 trillion infrastructure bill in which he prioritized a national EV charging network, promising to install at least 500 thousand devices in the country by 2030. Furthermore, in December 2021, the National Electric Highway Coalition was formed by over 50 key electric companies in the U.S., which came together to develop a fast-charging network for EVs in the U.S. by end of 2023. These companies have invested over USD 3.0 billion in projects related to electric transportation and charging infrastructure.
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The market for metals in electric vehicle charging infrastructure is competitive in nature due to the presence of various established players with a global presence. Strategies adopted by companies usually include new product development, technological innovations, and distribution network expansion. Furthermore, manufacturers are engaged in acquisitions to expand their geographical presence, increase production capacity, and ink long-term metal supply deals. For instance, in November 2021, Modison Metals Limited announced expanding itself into EV charging infrastructure and BESS in India. The company will sign an MoU with RENERA and LDrive LLC (L-Charge), which are Russia-based battery storage firms and EV charger manufacturers, respectively. Some of the prominent players in the metals in electric vehicle charging infrastructure market include:
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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